Charles Hoskinson says Cardano could cure cancer and it wouldn’t make any difference right now.
- Crypto is so volatile that people were initially reluctant to call this a bear market. After six months of downward price action, it’s time to call it what it is.
- Cardano’s founder tweeted that it doesn’t matter what the project does right now — no announcement, even an incredible one, will make any difference.
- Avoid panic selling during a bear market. Selling now will lock in your losses and mean you won’t benefit from any eventual upturn.
In the stock market, people start talking about a bear market when prices decline by more than 20% and there’s a widespread sense of pessimism. In the volatile world of crypto, prices can often rise or fall by 20% in a week, so that definition doesn’t work.
But it’s not surprising that various industry experts and key players are now talking about a crypto bear market. After all, Bitcoin (BTC) is trading at over half its all-time high and various smaller altcoins have fallen even further. Plus, we’ve seen over six months of falling prices and sideways price action
This includes the founder of Cardano (ADA), Charles Hoskinson, who tweeted about the crypto’s price action, noting that even miraculous happenings won’t improve the market right now. “Yes, it’s called a bear market,” he said. “That’s what happens. Nothing changes it. No announcement makes a difference.”
Hoskinson, who has a reputation for straight talk on social media, went on to say that Cardano could cure cancer or create a personal poker playing robot that drives grandma to church and the price of ADA would still fall.
How long will the bear market last?
Understandably, the many crypto investors who’ve seen their portfolios decimated want to know when the pain will end. The trouble is that nobody has a crystal ball and we don’t know when the factors that are driving prices down will change. Bear in mind that the world is dealing with the aftermath of a global pandemic. While there are patterns and we can make some guesses based on past performance, much of what’s happening now is unprecedented.
One well-known crypto investor and guru, Raoul Pal, told Cointelegraph the bear market won’t end until the Federal Reserve eases up on its economic tightening measures. The Fed is raising interest rates in an effort to curb inflation, which is one of the big drivers for the current crypto price devastation. Not only has it sparked fears of a recession, there’s a lot less money available for riskier assets like crypto.
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It’s also worth noting that bear markets are a normal part of investment cycles. According to Seeking Alpha, there have been 26 bear markets in the S&P 500 since 1928. Crypto has also seen its fair share of prolonged price dips, even in its short history. At a wider level, these periods of correction can be healthy too. A number of crypto executives told CNBC recently that this bear market could help to wipe out bad actors.
This knowledge may not reassure crypto investors, especially new ones, who are trying to make sense of the losses and worrying that the entire industry could fail — as could individual projects in their portfolios. However, understanding that this too shall pass can make it easier to hold on through tough times.
How to handle a crypto bear market
Cryptocurrencies are high-risk investments and there’s no sugar-coating the fact that some will not survive long term. The high risks are the trade off for the high potential returns of putting money into a relatively new technology. For long-term investors, there’s a good chance that the rewards from successful projects could eventually make up for any losses from failed cryptos.
Certainly, when we analyzed how top cryptos from five years ago had fared, we found that many of the top 50 cryptos from 2017 are not around today. However, the huge gains from the ones that did make it mean that if you’d invested $100 in each of the top 50 cryptos in 2017, your portfolio would be worth $40,000 today. There are no guarantees that the next five years will play out in the same way. Nonetheless, it’s a strong reason to view your crypto investments through a five, 10, or even 20-year window.
As a crypto investor, the most important way to survive a bear market is to avoid panic selling. That’s not to say you should never sell. There are times when selling your crypto may make sense — such as to take profits or because you no longer believe in a project’s fundamentals. But selling during a marketwide price drop will often only lock in your losses and stop you benefiting from any eventual recovery.
Some people will try to buy the dip and pick up additional assets at a discount. Whether this is right for you depends on your long-term view of crypto and your own financial situation. If you’re trying to pay down debt or don’t have an emergency fund, you have more important financial priorities to handle first. Similarly, if the recent crash has shaken your faith in crypto, buying more probably isn’t the best plan. But if you’re still comfortable with the risk and have some cash you don’t need for other goals, it may make sense.
Bear markets are not fun, but they are part of investing. It doesn’t help that there are a lot of unknowns about what will happen next on the rollercoaster ride that is cryptocurrency investing. Ultimately, the best way to survive is to only invest money you can afford to lose and ensure crypto only makes up a small portion of your portfolio. That way even a complete market crash won’t derail your finances.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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